IFC mulls $15mln investment in Kenya’s first REIT

The IFC is considering making a $15 million equity investment in East Africa’s first Income Real Estate Investment Trust, a $120 million investment vehicle sponsored by STANLIB which received the go ahead from Kenya’s Capital Markets Authority earlier this month to list on the Nairobi Stock Exchange’s Alternative Investment Market.

The American DFI’s investment rationale includes the belief that successfully establishing REITs as a liquid financial instrument will increase investor exposure to Kenya’s property sector, which many believe is poised to boom, and unlock significant capital to help narrow the country’ real estate gaps.

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